Result of AGM

Stock Exchange Announcement

Annual General Meeting

At  the  Company's  Annual  General Meeting today, Friday  30  April,  Mr  Bruce
Johnston retired from the Chairmanship and Board of The Alliance Trust PLC.  His
successor  is  Mrs Lesley Knox who has been a non-executive director  for  three
years.  These proposed changes were first announced on 16th January 2004.

Mr  Alan  Harden, Chief Executive, was confirmed as a director by  stockholders.
Mr William Berry, Mr William Jack and Mrs Sheila Ruckley were each re-elected as
directors.   A  final dividend of 35.5p was approved, making the total  for  the
year 70.5p.  The final dividend is payable on 10 May 2004.

All resolutions proposed at the AGM were carried on a show of hands.  Proxy
votes received were:

Resolution                        For      Against    Chairman's  Withheld
                                                      Discretion
    1      Report &             1,571,401       857        21,716        65
           Accounts
    2      Remuneration         1,538,080    17,977        26,293    10,946
           Report
    3      Dividends            1,571,901       609        21,470        68
    4      Alan Harden          1,553,925    14,664        23,723       969
    5      William Berry        1,542,927     9,045        25,203    16,279
    6      William Jack         1,552,552     7,435        24,481     8,958
    7      Sheila Ruckley       1,563,805    15,103        24,173       423
    8      Re-appointment       1,563,589     6,831        22,330       473
           of KPMG
    9      Auditor's Fees       1,565,445     4,014        23,459       359
    10     Rotation of          1.565.854     1,758        23,689     1,375
           directors
    11     No automatic re-     1,566,095     1,415        23,563     1,535
           election
    12     Insurance for        1,552,910     9,778        26,624     2,813
           directors


The text of the associated press release follows:

For further information please contact:

Ian Goddard
The Alliance Trust PLC
[phone]



30 April 2004

-    Stockholders confirm election of new Chief Executive to the Board at 116th
  AGM of The Alliance Trust

-    New Chairman Lesley Knox succeeds outgoing Chairman Bruce Johnston

Stockholders of the investment trust, The Alliance Trust PLC, today (Friday)
elected its new Chief Executive Alan Harden, 46, to the Board of Directors at
its 116th Annual General Meeting in Dundee.

The AGM was the last to be chaired by Bruce Johnston, 65, who stood down as
Chairman after the meeting. Mr. Johnston has been Chairman since April 1996.

Lesley Knox, 50, a former Governor of the British Linen Bank, succeeds Mr.
Johnston from today as the new Chairman. She has been a non-executive director
of The Alliance Trust for three years.

Mrs. Knox said, "Even before issues of corporate governance became so topical,
Bruce always embodied the advantage of having a Chairman who understands the
pressures of the external business world. He has ably demonstrated the
importance of calm, good judgement."

Mr. Harden has had 25 years' experience in the investment management business,
mostly in Asia.

Introducing Mr. Harden, Mr. Johnston said, "He has a strong track record in the
development and implementation of business strategies, including product
development and distribution." Previously Mr. Harden was Managing Director and
Head of the Asia Pacific Region, including Japan, for Citigroup Asset
Management.

Mr. Harden took over as Chief Executive of The Alliance Trust from Gavin Suggett
in January this year.

In an address to stockholders, Mr. Harden said, "What attracted me to The
Alliance Trust were its qualities: it has an obvious integrity and transparency
of purpose."

"After the ravages of the bear market, The Alliance Trust had a good recovery
and at year-end its Net Asset Value stood at £1.47bn. Our financial services
company, Alliance Trust Savings, also benefited with its assets growing 39
percent in the last year to £1.2bn. Just as we have always done, The Alliance
Trust will evolve and change. What will not change is our focus. We will
continue to put our stockholders first," he said.

Outgoing Chairman Mr. Johnston said it was a tribute to the quality of the
company that four former and present chief executives and three of its former
and present Chairmen were all at today's AGM in the Invercarse Hotel in Dundee.

Stockholders also approved the re-election to the Board of William Berry,
William Jack and Sheila Ruckley.

The Alliance Trust PLC is one of the UK's largest self-managed investment
trusts. A global generalist trust, it is based in Dundee and is listed on the
London Stock Exchange. Along with the Second Alliance Trust, it owns the
financial services company, Alliance Trust Savings. The Alliance Trust was
incorporated in 1888.

For further information please contact:

Jane Holligan
Media Relations Manager
[phone]